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Ready, Set, Upskill: Prioritising skills for a resilient workforce

In the post-pandemic economy, digital skills are crucial for Australia's labour market as the pace of digitisation accelerates. This report is the third in a series that looks into what skills are growing the quickest across the job market, the cost business stands to lose by not addressing these gaps and the role of training to bridge the divide.

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This report looks into how we can grow a resilient workforce that prioritises a skills agenda, including:  

 

  • Australia’s skills landscape, and what digital skills are most in demand 
  • The cost of not addressing these skill gaps to Australian businesses 
  • The need for training done right, and employee and employer sentiment towards upskilling
  • The case for continuous learning, including employee and employer sentiment to training done right
Play1:22
Existing digital skills gaps (data science analytics, cyber security and coding) are costing large Australian businesses $9 million a day.

Building and investing in talent pipelines is going to be critical

  • 3 in 53 in 5 Australian businesses said their workforce lacked or had outdated digital skills
  • $1.5b$1.5 billion is how much large businesses need to spend on digital skills training to get up to speed
  • 50%50% more time was spent on training by employees who got a promotion than those who didn’t

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Other reports

Women in tech: How skills and talent diversity drive business success

Australia’s tech sector faces a critical skills gap, with 100,000 roles projected to go unfilled by 2030. Women—who make up just 30% of the tech workforce—represent the largest untapped talent pool. Reskilling women into technology could deliver a $6.5 billion business benefit and a 31% wage boost for individuals. Over 661,300 women in Australia already have skills closely aligned with tech roles and could transition within six months, helping to meet workforce demand. 

Ready, Set, Upskill: Maximising the ROI of skills and training

Australian businesses are expecting to spend approximately $8 billion on learning and development in 2024. And yet, nearly half of businesses we surveyed admit they aren’t prioritising training budgets to adequately address skills gaps. While spend is on the rise, one in eight Australian businesses are planning on halving their L&D budgets, leaving them at risk of a serious skills gap.  

The salary trap

In a moment of change in the job market amidst economic uncertainty, this report aims to understand how these transformations impact workers and companies, in a phenomenon we call the ‘Salary Trap'.